Introduction to Economics

by: LexieSmith2013

Take a quiz to see how well you know and understand the introduction to economics.

  1. 1

    What is the condition facing all societies because there aren't enough productive resources to satisfy people's unlimited wants?

  2. 2

    How many broad categories of productive resources are there?

  3. 3

    True or False: Entrepreneurs are people who try to earn a profit by developing a new product or finding a better way to produce an existing one.

  4. 4

    Oil is an example of a...

  5. 5

    What are human creations used to produce goods and services?

  6. 6

    What is something you can see, feel, and touch?

  7. 7

    What is the value of the next best choice?

  8. 8

    True or False: The law of increasing opportunity cost states that each additional increment of one good does not require the economy to give up larger increments of the other good.

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